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New Home Sales Up, Northeast Up Most

After leading the rate of new home sales lower in August, the Northeast was out front of a month-over-month and year-over-year gain last month. Home prices climbed.

There were 46,000 new houses that were sold during September. That turned out to be a thousand fewer property sales than the prior month’s downwardly revised level.

But the sale of new houses exceeded the volume reported for the same month last year, when there were a downwardly revised 35,000 transactions that were closed.

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From:: Financing

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Oil prices turn higher after EIA reports unexpected 600,000-barrel decline in U.S. crude supply

Oil prices reversed course Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies unexpectedly fell by 600,000 barrels in the week ended Oct. 21. Analysts polled by S&P Global Platts expected a 400,000-barrel climb, while the American Petroleum Institute late Tuesday reported a rise of 4.8 million barrels. Gasoline supplies, meanwhile, also declined by 2 million barrels and distillate stockpiles dropped 3.4 million barrels, according to the EIA. December crude rose by 4 cents, or less than 0.1%, to $50 a barrel on the New York Mercantile Exchange. Prices traded at $48.90 before the data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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U.S. stocks open lower as Apple, oil slump

U.S. stocks opened lower Wednesday, with Dow industrials losing 85 points at the open, as a steep drop in Apple Inc. shares following disappointing results weighed on main indexes. A further drop by oil futures to below $50 a barrel also put pressure on energy shares. The S&P 500 fell 9 points, or 0.4%, to 2,134. The Dow Jones Industrial Average dropped 82 points, or 0.4%, to 18,086. The Nasdaq Composite began the session down 28 points, or 0.5%, at 5,254.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Kaleo says it will introduce competitor to Mylan’s EpiPen in first half of 2017

Kaleo Inc. said early Wednesday that its epinephrine auto-injector, a competitor to Mylan’s EpiPen allergic reaction treatment that had previously been recalled, should return to market in the first half of 2017. Kaleo, a privately-held company, said it had regained the rights from Sanofi , which voluntarily recalled the Auvi-Q a year ago on concerns about incorrect dose delivery of epinephrine. Kaleo did not say what the Auvi-Q’s price would be. Public outrage erupted this summer over the EpiPen’s increasing price, which consumers said made the product — which has an effective monopoly on the market and a list price of over $600 for a two-pack — unaffordable. Mylan said it would introduce a $300 authorized generic product, which the company said it plans to make available by the end of the year. The entire affair has taken a toll on Mylan, with its stock retreating 28.5% year to date, compared with a 4.9% rise in the S&P 500 .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Apple’s stock selloff may account for nearly half the Dow futures’ decline

The premarket selloff in Apple Inc.’s stock can be blamed for nearly half the decline in Dow Jones Industrial Average futures. Apple shares slumped $3.50, or 3%, in the wake of fiscal fourth-quarter results reported after Tuesday’s close. That would shave about 24 points off the price of the Dow, which is a price-weighted index. Dow futures were recently down 56 points. On the flip side, the $2.41, or 1.7%, rise in Boeing Co.’s stock after the company reported third-quarter results would provide about a 16-point support for the Dow.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Mondelez shares rise after earnings beat, upbeat outlook

Mondelez International Inc. shares rose 2.3% in Wednesday premarket trading after the company reported earnings that beat expectations and forecast revenue growth exceeding estimates. Third-quarter net income was $548 million, or 35 cents per share, down from $7.27 billion, or $4.46 per share, for the same period last year. The food company said the 92% decline was related to coffee business transactions. Adjusted earnings per share were 52 cents, beating the FactSet consensus of 43 cents. Revenue was $6.40 billion, down from $6.85 billion and below the $6.45 billion FactSet estimate. Mondelez expects 2016 revenue growth of 1.6%, totaling about $28.4 billion and beating the FactSet estimate of about $26.3 billion. Shares are down 4.6% for the year so far while the S&P 500 Index is up 4.9% for the same period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Apple downgraded to hold from buy at Stifel

Shares of Apple Inc. were falling 3% in premarket trade Wednesday after Stifel analysts downgraded the stock to hold from buy following fourth-quarter earnings. The analysts said they believe Apple shares will be constrained in the $105 to $120 range until the company offers more insight into new products to boost the company. Other negatives weighing on the stock include an estimated 75 million to 77 million in iPhone shipment expectations for the first quarter of 2017, lower than their estimates, declining revenue in China and a “tempered view” on Apple’s installed base upgrade rate. The analysts cut the price target to $115 from $130. Shares of Apple have gained 22% in the past three months, compared to the S&P 500’s drop of 1.2%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Boeing’s stock surges after profit rises well above expectations

Shares of Boeing Co. surged 3.4% in premarket trade Wednesday, after the aerospace and defense contractor beat third-quarter profit and sales expectations, and raised its outlook. Earnings rose to $2.3 billion, or $3.60 a share, from $1.7 billion, or $2.47 a share, in the same period a year ago, boosted by favorable tax items. Excluding non-recurring items, adjusted earnings per share came to $3.51, well above the FactSet consensus of $2.61. Revenue fell 8% to $23.9 billion from $25.8 billion, but beat the FactSet consensus of $23.6 billion. The company raised its 2016 adjusted EPS outlook to $7.10 to $7.30 from $6.40 to $6.60, and lifted its revenue outlook to $93.5 billion to $95.5 billion from $93.0 billion to $95.0 billion. The stock has lost 3.9% eyar to date through Tuesday, while the Dow Jones Industrial Average has gained 4.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News